Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves

TORONTO, May 17, 2024 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by fraudsters impersonating CIRO to launch investment recovery scams. The fraudsters use the email address luca.support@protonmail.com, posing as CIRO employees to approach investors.

In an investment recovery scam, fraudsters approach individuals who have already fallen victim to a financial scam. They tell victims that they can recover the lost funds for a fee. In some cases, they will ask for remote access to the target's computer or device. In the end, no funds are returned, more funds are potentially stolen, and the victim is defrauded again.

In recent complaints received by CIRO, these individuals falsely claimed to be affiliated with CIRO. The fraudsters claim to be monitoring and investigating a prior financial scam, and request information on the amounts lost, payment method, prior correspondence with the scammers, and proof of transactions including bank statements, card statements and evidence of crypto transfers. These individuals are not employed by CIRO nor are they registrants of any dealer firm regulated by CIRO. All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). You can also check with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO.

No CIRO employee will ever ask for payment from investors. This is an immediate red flag.

Fraudsters are becoming very sophisticated in their use of technology, so investors should always independently verify the information they find on the Internet or that they receive by email. For example, a list of Canadian securities regulators is available on the Canadian Securities Administrators (CSA) website. Do not rely on unsolicited information and always check the background, qualifications and disciplinary history of investment advisors registered with CIRO or the CSA by checking the free AdvisorReport for advisors registered with investment dealers, or the CSA's National Registrant Search.

CIRO's Office of the Investor publishes information to help investors keep their investments safe. See Avoiding Fraud and Protecting Your Investments.

If you believe you have been a victim of this or a similar scam, please report it to CIRO and immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.

Please direct all other inquiries to our Complaints & Inquiries team:
1-877-442-4322 (Canada/US),
800-5555-2323 (Outside Canada/US),
or by completing our Secure Contact Form

SOURCE Canadian Investment Regulatory Organization (CIRO)